Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value, Assets Measured on Recurring Basis

The following tables provide fair value measurement information for the Company’s marketable securities and deferred compensation fund investment assets as of December 31, 2018 and 2017:


	As of December 31, 2018
					Fair Value Measurement Using:
	Carrying Amount		Total Fair Value		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
Financial Assets:
Marketable securities
Municipal bonds — available-for-sale	$	76,362	$	76,362	$	—	$	76,362	$	—
Deferred compensation fund
Money Market ¹	2,529		2,529		—		2,529		—
Balanced and Lifestyle	8,265		8,265		8,265		—		—
Large Cap Growth	8,195		8,195		8,195		—		—
Small Cap Growth	3,217		3,217		3,217		—		—
Fixed Income	3,432		3,432		3,432		—		—
International	1,485		1,485		1,485		—		—
Mid Cap Growth	1,990		1,990		1,990		—		—
Deferred compensation fund	$	29,113	$	29,113	$	26,584	$	2,529	$	—


	As of December 31, 2017
					Fair Value Measurement Using:
	Carrying Amount		Total Fair Value		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
Financial Assets:
Marketable securities
Municipal bonds — available-for-sale	$	73,221	$	73,221	$	—	$	73,221	$	—
Deferred compensation fund
Money Market ¹	$	2,720	$	2,720	$	—	$	2,720	$	—
Balanced and Lifestyle	8,523		8,523		8,523		—		—
Large Cap Growth	7,802		7,802		7,802		—		—
Small Cap Value	3,442		3,442		3,442		—		—
Fixed Income	3,050		3,050		3,050		—		—
International	1,531		1,531		1,531		—		—
Mid Cap Growth	1,817		1,817		1,817		—		—
Deferred compensation fund	$	28,885	$	28,885	$	26,165	$	2,720	$	—

¹The fair value of the money market fund is based on the net asset value (“NAV”) of the shares held by the plan at the end of the period. The money market fund includes short-term United States dollar denominated money-market instruments and the NAV is determined by the custodian of the fund. The money market fund can be redeemed at its NAV at the measurement date, as there are no significant restrictions on the ability to sell this investment.

Marketable Debt Securities


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Other-Than-Temporary Impairments
	(in thousands)
December 31, 2018
Marketable securities
Municipal bonds — available-for-sale	$	76,162	$	633	$	(433)	$	76,362	$	—
Total debt securities	$	76,162	$	633	$	(433)	$	76,362	$	—
December 31, 2017
Marketable securities
Municipal bonds — available-for-sale	$	72,249	$	1,169	$	(197)	$	73,221	$	—
Total debt securities	$	72,249	$	1,169	$	(197)	$	73,221	$	—
December 31, 2016
Marketable securities
Municipal bonds — available-for-sale	$	68,220	$	178	$	(668)	$	67,730	$	—
Total debt securities	$	68,220	$	178	$	(668)	$	67,730	$	—

Contractual Maturities of Available For Sale Investments

The following table summarizes the contractual maturities of debt securities held at December 31, 2018 and 2017, which are classified as marketable securities in the Consolidated Balance Sheets:


	Municipal Bonds — Available-for-Sale
	December 31,
	2018		2017
	(in thousands)
Contractual maturity:
Maturing in one year or less	$	1,645	$	916
Maturing in second year through fifth year	24,649		15,948
Maturing in sixth year through tenth year	14,769		22,851
Maturing after ten years	35,299		33,506
Total debt securities	$	76,362	$	73,221